I own a property with my wife and son. We purchased it and rented it for about 15 months, at which time my son moved into as his primary residence in mid 2020 when starting a new job. He is living there as his primary residence and began renting 2 bedrooms later in 2020. The first year of use as a rental property was on my tax return.
- How do I handle the change of use in our taxes, rental to primary and then to renting rooms? The depreciation rate needs to change at the very least.
- Can I change reporting the rental income/property to my son's tax return? We refinanced after he moved in and the mortgage interest now goes to his SSN. He may be able to take advantage of at least some of the losses, which I cannot.
